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On the Fast Track to EU Accession : Macroeconomic Effects and Policy Challenges for Estonia

Taube, Günther - 1999

This paper assesses the macroeconomic impact and policy challenges related to Estonia’s prospective accession to the EU …-based illustrative scenario using MULTIMOD. We conclude that the welfare enhancing effects for Estonia of further EU integration are … Estonia’s accession-related adjustment, its fiscal and structural policies should be geared toward mitigating domestic demand …

Persistent link: https://www.econbiz.de/10014400750

Aggregate Stability and Balanced-Budget Rules

Ghilardi, Matteo - 2014

It has been shown that under perfect competition and a Cobb-Douglas production function, a basic real business cycle model may exhibit indeterminacy and sunspot fluctuations when income tax rates are determined by a balanced-budget rule. This paper introduces in an otherwise standard real...

Persistent link: https://www.econbiz.de/10014394298

Successful Austerity in the United States, Europe and Japan

Callegari, Giovanni - 2012

The output effects of 2009 fiscal expansions have been hotly debated. But the discussion of fiscal multipliers is even more relevant now that several European countries have had to quickly retract their stimulus measures in an effort to regain market confidence. Using regime-switching VARs we...

Persistent link: https://www.econbiz.de/10014395687

European Fiscal Harmonization and the French Economy

Perraudin, W. R. M. - 1990

This paper examines the implications of European fiscal harmonization for the French economy using a general equilibrium model. The latter extends the overlapping generations simulation model of Auerbach and Kotlikoff in three ways. A well-developed external sector is included. Households face...

Persistent link: https://www.econbiz.de/10014395833

Asymmetry in the ERM : A Case Study of French and German Interest Rates Since Basle-Nyborg

Perraudin, W. R. M. - 1992

We study empirically daily French and German interest rate changes since the Basle-Nyborg agreement of September 1987. In particular, we ask whether the shock associated with German unification altered the degree of leadership of German monetary policy in the ERM. We conclude that Germany’s...

Persistent link: https://www.econbiz.de/10014395835

Determining the Value of a Financial Unit of Account Basedon Composite Currencies : The Case of the Private Ecu

Folkerts-Landau, D. F. I. - 1994

Evidence from the past three years indicates that the exchange rate between the private ECU and the official ECU Basket can deviate substantially from par. The value of the private ECU is driven by expectations that a future European Central Bank will enforce par convertibility between the...

Persistent link: https://www.econbiz.de/10014395884

European Policy Convergence and the EMS

International Monetary Fund - 1990

In this paper we analyze the degree of policy convergence of EMS member countries relative to that of some non-EMS countries. Interestingly, we find convergence for the nominal and real exchange rates and money supplies of the EMS members but not for the non-EMS countries. We also provide some...

Persistent link: https://www.econbiz.de/10014396029

Credibility. Capital Controls, and the EMS

International Monetary Fund - 1989

A common rationale for EMS membership is that it enhances the credibility of a central bank’s commitment to stable monetary growth. In this paper we consider this idea in the light of two features of the system, namely, the existence of exchange rate bands and the prevalence of capital...

Persistent link: https://www.econbiz.de/10014396035

The Implications of Cross-Border Monetary Aggregation

Lane, Timothy D. - 1992

Some recent studies suggest the possibility of estimating a stable aggregate demand-for-money relationship for the group of countries participating in the European Monetary System. These results are of particular relevance in connection with the task of setting policy targets for a European...

Persistent link: https://www.econbiz.de/10014396043

Additional Evidenceon Ems Interest Rate Linkages

Thornton, John - 1996

This note examines interest rate linkages within the EMS. Cointegration tests suggest the existence of a long-run equilibrium relationship between German and other EMS interest rates. Bivariate VAR analysis finds that Granger-causality either stems from German to other European interest rates...

Persistent link: https://www.econbiz.de/10014396063

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